GILAT SATELLITE NETWORKS LTD
GILTdata completeness 100%17 fiscal years on fileGILAT SATELLITE NETWORKS LTD earns about 6% on invested capital, below its ~9% cost of capital, but has diluted owners by 7% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $3.56 and $23.69 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $215M1 | $239.8M2 | $266.1M3 | $305.4M3 | $451.7M3 |
| Net income | −$3.03M4 | −$5.93M5 | $23.5M6 | $24.8M6 | $20.7M6 |
| Operating cash flow | $18.9M7 | $10.8M8 | $31.9M9 | $31.7M9 | $20.7M9 |
| Capital expenditure | $8.93M10 | $12.8M11 | $10.7M12 | $6.61M12 | $11.5M12 |
| Free cash flow (derived) | $9.97M7 | −$1.98M8 | $21.2M9 | $25.1M9 | $9.19M9 |
| Total debt | $013 | — | — | $014 | $2M14 |
| Cash & equivalents | $81.9M15 | $86.6M16 | $104M17 | $119.4M17 | $168.9M17 |
| Diluted shares | 56.4M | 56.6M | 56.7M | 57.0M | 60.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $82.82 of net worth that earned you $3.43 and generated $1.52 of cash last year, against $0.33 of debt.
It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $3.56 and $23.69 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$21.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$21.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$20.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $7.78 |
| Base | 20.0% | $14.21 |
| Bull | 20.0% | $14.21 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000993 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001071 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000929 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000993 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001071 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000929 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000993 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001071 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000929 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000993 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001071 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000929 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F/A · period ending 2021-12-31 · accession 0001178913-22-003422 (LongTermDebtCurrent)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-000929 (LongTermDebtCurrent)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000993 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001071 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000929 (CashAndCashEquivalentsAtCarryingValue)